PH breaks key support level
Parker-Hannifin Corporation (PH) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
Moving lower for the 4th day in a row, PH finished the week -2.61% lower at 168.00 after losing $2.99 (-1.75%) today on low volume. Today's closing price of 168.00 marks the lowest close since August 1st. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 170.88, the market confirms its breakout through the previous session's low having traded $3.27 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (PH as at Aug 10, 2018):
Friday's trading range was $2.44 (1.43%), that's slightly below last trading month's daily average range of $3.78. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being above average.
Breaking below the key support level at 169.31 today, it is now likely to act as resistance going forward.
Although the share is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory. Parker-Hannifin broke below the 100-day moving average at 168.73 today for the first time since February 5th.